According to a report released by Lawrence Berkeley National Laboratory (LNBL), despite several challenges, the utility-scale solar industry had a strong year in 2022, installing 10.4 GW of capacity across the United States. This figure, while impressive, fell short of the record high of 12.5 GW installed in 2021. The cumulative capacity of utility-scale solar in the US reached 61.7 GW by the end of 2022. Texas added the most solar capacity with 2.5 GW online, followed by California, Virginia, and Georgia.
The report shows that single-axis tracking remained the most common configuration for new utility-scale solar projects in 2022, with 94% of new capacity using this mounting type. The remaining 6% was mounted on a fixed tilt.
Despite inflationary pressures in 2022, the cost of installed projects continued to decline, with median installed costs falling to $1.32 per Wac. This marks a 78% reduction in costs since 2010, averaging a 10% reduction per year. The levelized cost of electricity (LCOE) also dropped, falling to an average of $39 per MWh in 2022. The report stated that lower capital costs and improving project capacity factors were among the driving factors behind this reduction.
Power purchase agreement (PPA) prices averaged $25 per MWh in 2022. While prices have followed the decline in LCOE over time, they stagnated and even increased in 2019.
The report offers a snapshot of the state of the utility-scale solar industry in the US. Despite challenges, it is clear that the industry continues to grow and thrive.
